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Shares of ONGC went up on news of delayed FPO. Is it a good time to buy?
In an interview to one of the leading media channels RS Sharma, Former CMD, ONGC said, that it is the weak investor sentiment that has delayed this FPO.
There are also opinion that before the FPO the government should clarify the subsidy sharing methodology so that investors are also sharing formula.
According to a section of the media, the government is also considering if BHEL FPO should come before ONGC.
Several analysts have said if the FPO is deferred without any timeline then short sellers will be forced to cut the short positions. This was the possible reason why the stock gained on the bourse.
Since, in its filing on the Bombay stock Exchange, the company ahs said, "The selling shareholder (government) has decided not to proceed with the aforementioned offer programme and shall evaluate its decision in relation to the offer in due course," therefore it is diffcult to state till when has the issue been delayed.
VIEW: Our view is that it would be best to stay away from the oil and gas industry as the market is highly volatile for now. On the technical front the simple moving averages show a downward trend on a daily chart. On the MACD charts also there is a negative sentiment.
GoodReturns.in DISCLAIMER: The views expressed in this article are the views of the author and do not reflect the views of our company. GoodReturns.in does not take any responsibility for any losses incurred by investors who take their cues from the above article
